OREANDA-NEWS. By its Order No. OD-2284, dated 27 August 2015, the Bank of Russia revoked an insurance licence from ASKO Interregional Insurance Company, limited liability company (registration number in the unified state register of insurance agents is 0903).

The decision is taken due to the insurer's failure to timely eliminate violations of insurance legislation, which served as a ground for the suspension of the insurance licence (Bank of Russia Order No. OD-1259, dated 8 June 2015, 'On Suspending Insurance Licence of ASKO Interregional Insurance Company, Limited Liability Company'), i.e. due to the non-compliance with financial stability and solvency requirements in terms of creating insurance reserves and capital with eligible assets and failure to submit the documents required by the Bank of Russia. The decision becomes effective the day it is published in the Bank of Russia Bulletin.

Due to the revocation of its licence, ASKO Interregional Insurance Company, limited liability company, is obliged:
- to take a decision on the termination of insurance activity in accordance with Russian legislation;
- to meet its liabilities arising from insurance (reinsurance) contracts, including the payment of insurance benefits under insured events;
- to transfer liabilities taken under insurance (reinsurance) contracts, and/or to cancel these contracts.

ASKO Interregional Insurance Company, limited liability company, shall inform insured persons on the revocation of its licence, early termination of insurance (reinsurance) contracts and/or transfer of liabilities taken under insurance contracts to another insurer within a month after the decision on the revocation of the licence becomes effective/